Why does Pakatan no longer talk about the IPPs?

Eric See-To

I have a question for the opposition.

Before 2013, the opposition will make statements every few months attacking the govt by saying that the lop-sided IPP causes Malaysia govt to lose RM20 billion to RM30 billion every year  to cronys.

The usual suspects such as Lim Guan Eng, Rafizi, Lim Kit Siang, Tony Pua Wong Chen, etc., have made such statements before.

RM20 billion to RM30 billion EVERY YEAR.

After 2013, the opposition no longer makes this statement. Why?

Simply because the lop-sided IPP legacy problem created by Mahathir had been solved.

Here is how:

1MDB bought many of these IPP plants in 2010 to 2012 to enter into the IPP industry to become the 2nd largest IPP company in Malaysia.

Then in Sept 2012, the govt conducted the first ever IPP Power Purchase Agreement open tender in Malaysia’s history. 1MDB was the lowest bidder for each and every renewal or new IPP plant – which caused other bidders to follow suit – thus solving the lop-sided agreements once and for all.

1MDB working with the govt has thus saved Malaysia RM20 billion to RM30 billion every year (according to Pakatan’s figures)- or between RM400 billion to RM600 billion over the next 20 years.

The proof that this problem has been solved is the much reduced gas subsidies to IPP in Petronas’ annual reports as well as record-breaking profits of Tenaga every year since 2012.

The fact that the opposition no longer makes noise about this is as good a proof as you can get but you will never get praise from them for 1MDB or for Najib’s govt for solving this.

Now my question is this:

1MDB’s current TOTAL debt is RM30 billion – backed by appreciating assets and the debt is long-term with the last payment only as late as the year 2039.

*So, how come Malaysia did not go bankrupt when we were losing RM20 billion to RM30 billion EVERY year but we will go bankrupt due to 1MDB’s TOTAL debt of RM30 billion as they allege?*

I am waiting for Pakatan leaders to answer me this.